USD/CAD Analysis: pair guided by SMAs

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The movement of the USD/CAD currency pair was guided by the 100– hour simple moving average on Wednesday. The rate was unable to surpass the 38.20% Fibonacci retracement level at 1.3237.

The exchange rate might continue to edge lower until it reaches a support level formed by the weekly S1 at 1.3131.

If the support level holds, the currency exchange rate will most likely continue to edge up within this session.

However, if the pair passes the weekly S1, bearish traders will continue to dominate the currency pair during the following trading session.

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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